## Economics 440Public FinanceFall 2016Allen HeadAssignment 1(Due Friday, September 30th)1. Pure exchan

Economics 440Public FinanceFall 2016Allen HeadAssignment 1(Due Friday, September 30th)1. Pure exchange economies are completely described by specifications of agentsâ€™ preferencesand endowments. Consider the following two good, two agent pure exchange economy:â€¢ Let xhi denote agent hâ€™s consumption of good i, where i = 1, 2 and h = 1, 2.â€¢ Let ? h = (?1h , ?2h ) denote the quantities of goods x1 and x2 with which agent h isinitially endowed. Let ? = (? 1 , ? 2 ) be the aggregate endowment.Preferences:U 1 (x11 , x12 ) = 3×11 + 2×12(1)U 2 (x21 , x22 ) = x21 + 2×22(2)Endowments:?1 = (2, 4)?2 = (3, 4).(3)a. Draw an Edgeworth box diagram for this economy showing the set of Pareto efficientallocations.b. For one of the allocations in your diagram that is not Pareto efficient, identify inyour diagram (one of) the other feasible allocations Pareto superior to it. Explain.c. Is the endowment a Pareto efficient allocation? Why or why not?d. Do agents have equal marginal rates of substitution at the Pareto efficient allocations in this economy? If so, explain why this is important. If not, explain howthis can be.12. Consider the following economy with two agents and two consumption goods, one ofwhich is used to produce the other. Let Household hâ€™s consumption of the two goodsbe denoted xh1 and xh2 respectively, where h = 1, 2.Preferences:Household h has preferences given by:Uh (xh1 , xh2 ) = ln xh1 + 2 ln xh2h = 1, 2.Endowments:Both households are endowed with 2 units of good one (i.e. ?1h ). There is no endowmentof good two.Technology:Let Y2 denote the total amount of good two available to the economy. It is producedusing good one, by means of the following technology:14 ? (x11 + x21 )3where the term in brackets on the right-hand side of the equation above is the amountof good one that is used as an input to production of good two rather than consumed.Y2 =Consider the problem of a â€œsocial plannerâ€ who maximizes an equally weighted sumof agentsâ€™ utilities subject to the feasibility constraints.a. Write down the social welfare maximization problem that the planner solves.b. Use this problem to derive necessary conditions for an allocation to be Paretoefficient in this economy.c. Calculate the allocation that maximizes social welfare.d. Show how problems of this sort can be used to find all of the Pareto efficientallocations for this economy. Note: You do not have to find all of these allocations,just show how you could do so.

## Create a find duplicates query based on the Drivers table where there is a repeated LastName and…

Create a find duplicates query based on the Drivers table where there is a repeated LastName and Street value. Add the DriverID and FirstName fields to the query results. Save the query using the default name, and view the query results. Note that Eric and Kirk Abelson live at the same address, but have two different DriverIDs. In the Drivers table, expand the Subdatasheet for Eric and notice that he carries insurance for both household vehicles. Close the table and the query.

Attachments:

## Profit Center Responsibility Reporting A-One Freight Inc. has three regional divisions organized as

Profit Center Responsibility Reporting A-One Freight Inc. has three regional divisions organized as profit centers. The chief executive officer (CEO) evaluates divisional performance using operating income as a percent of revenues. The following quarterly income and expense accounts were provided from the trial balance as of December 31, 20Y3. Revenues—Air Division \$ 1,104,600 Revenues—Rail Division 1,295,000 Revenues—Truck Division 2,401,200 Operating Expenses—Air Division 700,000 Operating Expenses—Rail Division 770,700 Operating Expenses—Truck Division 1,452,100 Corporate Expenses—Shareholder Relations 168,000 Corporate Expenses—Customer Support 613,800 Corporate Expenses—Legal 207,900 General Corporate Officers’ Salaries 371,000 The company operates three service departments: Shareholder Relations, Customer Support, and Legal. The Shareholder Relations Department conducts a variety of services for shareholders of the company. The Customer Support Department is the company’s point of contact for new service, complaints, and requests for repair. The department believes that the number of customer contacts is an activity base for this work. The Legal Department provides legal services for division management. The department believes that the number of hours billed is an activity base for this work. The following additional information has been gathered:

 Air Rail Truck Number of customer contacts 5,000 5,900 8,900 Number of hours billed 800 1,300 1,200

Division management does not control activities related to the shareholder relations department and general corporate officers’ salaries.

Required:

a. Prepare quarterly income statements showing operating income for the three divisions. Use three column headings: Air, Rail, and Truck.

 A-One Freight Inc. Divisional Income Statements For the Quarter Ended December 31, 20Y3 Air Rail Truck Revenues \$ \$ \$ Operating expenses Operating income before service department charges \$ \$ \$ Less service department charges: Customer support \$ \$ \$ Legal Total service department charges \$ \$ \$ Operating income \$ \$ \$

Feedback

1. Determine the customer contact rate by dividing service cost by output. For each division&#39;s customer support, multiply the customer contact rate by the number of customer contacts. Repeat this process for the other service department charges. Subtract the service department charges for a division from that division&#39;s operating income before such charges.

b. What is the profit margin percentage of each division? Round to one decimal place.

 Division Profit Margin Air Division % Rail Division % Truck Division %

Identify the most successful division according to the profit margin percentage.
Truck

3. All of the following statements are true regarding the evaluation of divisional performance for A-1 except:

1. A better measure for A-1 Freight than the amount of operating income per dollar of earned revenue would be either rate of return on investment or residual income, because both measures incorporate asset utilization into the measures.
2. A better measure for A-1 Freight than the amount of operating income per dollar of earned revenue would be either rate of return on investment or residual income, because the amount of assets used by a division in earning a return is a very important consideration in evaluating divisional performance.
3. A better measure for A-1 Freight than the amount of operating income per dollar of earned revenue would be either rate of return on investment or residual income, because this company requires a significant investment in fixed assets and distribution facilities.
4. All of these choices are correct.

Select the correct answer from the choices above.:
d

## Seventeenth Edition Roger LeRoy Miller Research Professor of Economics University of Texas–Arlington

Seventeenth Edition

Roger LeRoy Miller

Research Professor of Economics University of Texas–Arlington

Weekly Review week1 ( 3 & 19)
(1a-c) What did you learn? Why is it important? How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer?
Select the top ten (10) most important ideas / concepts you learned in chapters 3 & 19 of your textbook.
Number your list and write a three to four sentence explanation of why each idea / concept is important to you and how it affects your life.
Weekly Review week 3 (chapters 25 & 26)
(1b, 2a) What did you learn? Why is it important? How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer?
Select the top ten (10) most important ideas / concepts you learned in chapters 25 & 26 of your textbook.
Number your list and write a three to four sentence explanation of why each idea / concept is important to you and how it affects your life.
Weekly Review week 4 ( 27 & 28)
(1b, 2b) What did you learn? Why is it important? How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer?
Select the top ten (10) most important ideas / concepts you learned in chapters 27 & 28 of your textbook.
Number your list and write a three to four sentence explanation of why each idea / concept is important to you and how it affects your life
These do not have to be long answers these are three separate extra credit assignments. they can be one page each

## Find the maximum power transferred to resistor R in the circuit of figure 1… 1 answer below »

Find the maximum power transferred to resistor R in the circuit of figure 1

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## discribe-the three main sections of the continental margins

discribe-the three main sections of the continental margins.

## Write a shell script to interrogate the university Unixoperating system to determine the number of..

Write a shell script to interrogate the university Unixoperating system to determine the number of “Runnable”processes at any given time. Then append theresult, along with atime-stamp, on a log file.

Hint: See Unix man pages for the ps, grep, wc,date commands

command > filedirect output of command to file in stead of standard output(screen), replacing current contents offile

command >> file, Append output to thecurrent contents of file

cmd1 | cmd2 “pipe” output ofcmd1 to input of cmd2

## 1. The individual amounts in the sales journal are posted to the accounts receivable subsidiary ledg

1. The individual amounts in the sales journal are posted to the accounts receivable subsidiary ledger
yearly.
daily.
weekly.
monthly.

2. In which journal would a cash purchase of merchandise inventory be recorded?
Purchase journal
General journal
Cash payments journal
None of these.

3. During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system.
Purchases                                                                           Sales
July        3                              20 units @ \$12                   July        13                           25 units
11                           20 units @ \$13                                   22                           10 units
20                           10 units @ \$15
Under the FIFO method, the cost of goods sold for each sale is:
July 13                  July 22
375        150
\$300       \$120
325         130
305         130

4. In large companies, the independent internal verification procedure is often assigned to
management.
computer operators.
outside CPAs.
internal auditors.

## Problem 2 Jackson Carpentry manufactures tables in its Processing Department. Direct materials are i

Problem 2 Jackson Carpentry manufactures tables in its Processing Department. Direct materials are included at the inception of the production cycle and must be bundled in single kits for each unit. Conversion costs are incurred evenly throughout the production cycle. Inspection takes place as units are placed into production. After inspection some units are spoiled due to nondetectible material defects. Spoiled units generally constitute 4 % of the good units. Data provided for March 20X5 are as follows: – 32, cha t7 WIP, beginning inventory 3/1/20X5 32,000 units Direct materials (100 % complete) Conversion costs (85 % complete) 70,000 units 80,000 units vvo Started during March Completed and transferred out WIP, ending inventory 3/31/20X5 mP 32, 18,000 units Direct materials (100% complete) Conversion costs (80% complete) 32, vo Costs: WIP, beginning inventory: Direct materials Conversion costs Direct materials added Conversion costs added \$70,000 \$40,000 \$105,000 \$128,160 a. What are the normal and abnormal spoilage units, respectively, for March when using FIFO? Normal Abnormal b. What costs would be associated with normal and abnormal spoilage, respectively, using the FIFO method of process costing? Normal Abnormal c. What costs are allocated to the ending work-in-process inventory for direct materials and conversion costs, respectively, using the FIFO method of process costing? Direct materilas Conversion Costs Total